Why in news?
The U.S. President Donald Trump said on 20th May 2020 he is considering hosting world leaders for the annual G7 summit at his Camp David retreat despite the ongoing coronavirus crisis.
Group of Seven (G7)
The Group of Seven (G7) is an international intergovernmental economic organization consisting of the seven largest developed economies (International Monetary Fund IMF- advanced economies) in the world.
G-7 Countries are:
- The United Kingdom and
- The United States.
The European Union is sometimes considered an eighth member of the G-7, since it holds all the rights and responsibilities of full members except to chair or host the meeting.
- G7 Summit is an event conducted annually where world leaders from seven powerful economies of the world come together to discuss burning issues happening around the globe.
- The major purpose of the G-7 is to discuss and deliberate on international economic issues.
- G7 is capable of setting the global agenda because decisions taken by these major economic powers have a real impact. Thus, decisions taken at the G7 are not legally binding, but exert strong political influence.
- It sometimes acts in concert to help resolve other global problems, with a special focus on economic issues.
Some related Similar Groups:
- Amongst the G-7 France, West Germany, the U.S, Great Britain, and Japan form the G-5 Group of Five.
- Following the 1994 G7 meeting in Naples, Russian President held meetings with G-7 member countries, in what became known as the P-8 (Political 8).
- In 1998, after urging from leaders including U.S. President, Russia was added to the G-7 group as a full-time member, creating a formal G-8.
- G-20 was founded in 1999 after the Asian financial crisis in 1997-1998, it initially started off as a meeting of finance ministers and central bank governors.
-Source: The Hindu